Common use of Receipt of Escrow Property Clause in Contracts

Receipt of Escrow Property. (a) On the Closing Date, PEI shall deposit with the Escrow Agent, by wire transfer of immediately-available funds, to the bank account set forth in Exhibit A hereto, an amount in cash equal to three million dollars ($3,000,000) (together with investment income earned thereon pursuant to the terms hereof, the “Net Working Capital Escrow Property”). (b) On the Closing Date, PEI shall deposit with the Escrow Agent, by wire transfer of immediately-available funds, to the bank account set forth in Exhibit B hereto, an amount in cash equal to three million five-hundred thousand dollars ($3,500,000) (together with investment income earned thereon pursuant to the terms hereof, the “Indemnity Escrow Property” and together with the Net Working Capital Escrow Property, the “Escrow Property”). (c) The Escrow Property will be segregated from other assets of the Escrow Agent. The Escrow Agent agrees to hold and administer the Escrow Property subject to the terms of this Escrow Agreement. The New Working Capital Escrow Property will be segregated from the Indemnity Escrow Property. (d) The parties acknowledge that the Net Working Capital Escrow Property and the Indemnity Escrow Property held in escrow hereunder may be reduced from time to time during the term hereof pursuant to the terms of this Escrow Agreement.